Regarding our ongoing focus on cost controls. We've continued to identify areas of additional cost savings in Q2, including the reduction in termination expense through elimination of our free voice app calling,

regarding our ongoing focus on cost controls we continued to identify areas of additional cost savings in q2 including the reduction in termination expense through elimination of our free voice app calling


Second, we see clear opportunities to drive additional cost reductions through our ongoing strategic sourcing initiatives. We expect to achieve significant savings in the areas of benefits and travel,

second we see clear opportunities to drive additional cost reductions through our ongoing strategic sourcing initiatives we expect to achieve significant savings in the areas of benefits and travel


that had -- that we had in our hands, but it was not signed yet. So it was one that had been negotiated but had not been fully executed with the customer. The accounting rule is not allowing us to record that revenue until we actually have the signed agreement.

that had -- that we had in our hands but it was not signed yet so it was one that had been negotiated but had not been fully executed with the customer the accounting rules not allowing us to record that revenue until we actually have the signed agreement


And so what we're doing right now is prioritizing working with customers and buying and then looking to buy existing assets that are producing. Teekay will take over operations from them cheaper than the oil companies

and so what we're doing right now is prioritizing working with customers and buying and then looking to buy existing assets that are producing tk will take over operations run them cheaper than the oil companies


I think that is kind of the brand that we want to have in terms of how we approach the payer. But I think we feel good about where we are with LINZESS. We think '17 looks good. And so far, the early signs in ZURAMPIC look very encouraging.

i think that is kind of the brand that we want to have in terms of how we approach the payer but i think we feel good about where we are with linzess we think '17 looks good and so far the early science and the ramp-up look very encouraging


As one example, we've looked at some of the early Axon Fleet orders, and the revenue per user over contract term roughly doubles when agencies add Fleet to their body camera program. Now that's for agencies that have a vehicle for every officer.

as one example we've looked at some of the early axon fleet orders and the revenue per user over contract term roughly doubles when agencies add fleet to their body camera program now that's for agencies that have a vehicle for every officer


as we learn more, should we be able to give more definitive views on the impact of the quarter, we'll certainly try to do so and not wait, of course, until we talk about the quarter next year. But again, this is still very much a process in flux.

as we learn more should we be able to give more definitive views on the impact of the quarter we'll certainly try to do so and not wait of course until we talk about the quarter next year but again this is still very much a process in flux


various things that could evolve, voting rights, anything like that. And this is all something that we have in place. So I would think you can worry about a lot of companies related to sanctions, but I think Sulzer at this point is probably the company you should worry least about

various things that could evolve voting rights anything like that and this is all something that we have in place so i would think you can worry about a lot of companies related to sanctions but i think sulzer at this point is probably the company you should worry least about


We are comprised of strong leading brands spanning various consumer health care categories as shown on the right side of Slide 9. Over 50% of our sales are in 5 leading brands,

we are comprised of strong leading brands spanning various consumer health care categories as shown on the right side of slide 9 over 50% of our sales are in 5 leading brands


We expect to deliver this margin target by continuing to focus on 3 things. First, productivity gains from our supply chain. These are funded and in our plan. And we're now expanding and replicating a model that's working.

we expect to deliver this margin target by continuing to focus on 3 things first productivity gains from our supply chain these are funded and in our plan and we're now expanding and replicating a model that's working


We don't expect video to be any different. We do expect revenue and margin pressure as we manage through this, especially this year, but we're excited about DIRECTV NOW's product improvements and our new user interface

we don't expect video to be any different we do expect revenue and margin pressure as we manage through this especially this year but we're excited about directv now's product improvements and our new user interface


the private loan business is that stream of income doesn't generate gains, right. The asset management business doesn't really generate material gains. And so we think we're in a position now and we have a demonstrated track record that

the private loan business is that stream of income doesn't generate gains right the asset management business doesn't really generate material gains and so we think we're in a position now and we have a demonstrated track record that


relative to the last year that there was a payment, you would see that -- you would come to a very different conclusion that if you took a 5-year moving averages, which is the way that CMS approached it. So I think whether they're going to

relative to the last year that there was a payment you would see that you would come to a very different conclusion that if you took a 5-year moving averages which is the way that cms approached it so i think whether they're going to


And the team is doing a real nice job. So we feel like that's going in the right direction. I think we see a very different story in the power generation business where we have seen less demand.

and the team is doing a real nice job so we feel like that's going in the right direction i think we see a very different story in the power generation business where we have seen less demand


As I previously mentioned, we continue to expect other revenue and other income to decrease 15 basis points from the loss of lease income for the fourth quarter in 2016. For the full year, we now expect

as i previously mentioned we continue to expect other revenue and other income to decrease 15 basis points from the loss of lease income for the fourth quarter in 2016 for the full year we now expect


In terms of comp metrics, our comparable store sales performance was driven by increases in traffic, conversion and units per transaction, while average unit retail was down versus the prior year.

in terms of comp metrics our comparable store sales performance was driven by increases in traffic conversion and units per transaction while average junior retail was down versus the prior year


what I've done is extended an offer to extend the current agreement for 12 months to give us time to rebuild some trust between the parties, to give us time to get these pilots out into the workplace, to make sure that they prove out and they do what we think they're going to do

what i've done is extended an offer to extend the current agreement for 12 months to give us time to rebuild some trust between the parties to give us time to get these pilots out into the workplace to make sure that they prove out and they do what we think they're going to do


As a reminder, our Monro.Forward initiatives, unveiled in May of last year, are built around 4 areas of focus in order to increase the overall lifetime value of our customers and create a scalable platform for sustainable growth.

as a reminder our monroe forward initiatives unveiled in may of last year are built around 4 areas of focus in order to increase the overall lifetime value of our customers and create a scalable platform for sustainable growth


until recently how much that was going to -- how much spend that was going to be before the end of the year. Then secondly, it really reflects our cautious guidance in the Q3. So I mean, as we've done in the past, we've been pretty good stewards of capital. When we see business

until recently how much that was going to -- how much spend that was going to be before the end of the year and secondly it really reflects our cautious guidance in the q3 so i mean as we've done in the past we've been pretty good stewards of capital when we see business


to maintain advertising levels and bring back a portion of the core advertising that moved to the sidelines in anticipation of strong political displacement. The big news, of course, is political,

to maintain advertising levels and bring back a portion of the core advertising that moved to the sidelines in anticipation of strong political displacement the big news of course is political


that bad. It's just a shade light of what we were expecting. So I look at those data points and I contemplate what you're saying about profitability on the forward. And it sounds like the vast majority of the drop

isn't that bad it's just a shade light of what we were expecting so i look at those data points and i contemplate what you're saying about profitability on the forward and it sounds like the vast majority of the drop


because we now have a full handle on what the networks looks like today and what we think it ought to look like going forward, and there is significant opportunities there that our product supply team is after. So we don't feel we're impaired in terms of

because we now have a full handle on what the network looks like today and what we think it ought to look like going forward and there are significant opportunities there that our product supply team is after so we don't feel we're impaired in terms of


We will discuss certain non-GAAP financial measures, which are described in more detail in this morning's earnings release and on our website at grace.com. Reconciliations to the most directly comparable GAAP financial measures

we will discuss certain non-gaap financial measures which are described in more detail in this morning's earnings release and on our website at grace com reconciliations to the most directly comparable gaap financial measures


We expect that on a consolidated basis, the fleet will remain relatively flat from where we are in 2015. This may fluctuate a little bit on a quarterly basis as the replacement cycle occurs throughout the year. But generally, it will be flat.

we expect that on a consolidated basis the fleet will remain relatively flat from where we are in 2015 this may fluctuate a little bit on a quarterly basis as replacement cycle occurs throughout the year but generally it will be flat


The next few slides are similar to those presented in previous quarters and reflect the broad diversity of our loan pools and the composition of our capital structure and our various liquidity sources. And with that, I'll turn it over to Tom for some final thoughts. Thanks, Rick.

the next few slides are similar to those presented in previous quarters and reflect the broad diversity of our loan pools and the composition of our capital structure and our various liquidity sources with that i'll turn it over to tom for some final thoughts thanks rick


that the consumer is using those channels for be it gifting or subscription opportunities that clearly will be incremental to our base business. And so it's one of the reasons we're so encouraged about that opportunity and have chosen to invest significantly behind

that the consumer is using those channels for be it gifting or subscription opportunities that clearly will be incremental to our base business so it's one of the reasons we're so encouraged about that opportunity and have chosen to invest significantly behind it


I'd say finally, the growth plan continues to be supported by state-level renewable portfolio standards that require utilities to serve a portion of their load with renewable energy. This is still an important component of the growth but

i'd say finally the growth plan continues to be supported by state-level renewable portfolio standards that require utilities to serve a portion of their load with renewable energy this is still an important component of the growth but


We're identifying areas in the field that maybe have much higher gas rates and less liquids, depending on the where gas prices go. And so I think the operations team will have the flexibility to pick the right pad to go to, based on the commodity environment we're in, and

we're identifying areas in the field that maybe have much higher gas rates and less liquids depending on where gas prices go and so i think the operations team will have the flexibility to pick the right pad to go to based on the commodity environment we're in


Our customers are shoppers and they want to appreciate the area before they make a commitment. Our data further supports our belief that driving customers to the property to experience the lifestyle is the key for continued occupancy and home sales growth.

our customers are shoppers and they want to appreciate the area before they make a commitment our data further supports our belief that driving customers to the property to experience the lifestyle is the key for continued occupancy and home sales growth


Nevertheless, out of a true abundance of caution, we structured the acquisition of the former Media General stations in Green Bay and Davenport that we announced last summer and closed last month with the possibility of receiving significant auction proceeds.

nevertheless out of a true abundance of caution we structured the acquisition of the former media general stations in green bay and davenport that we announced last summer and closed last month with the possibility of receiving significant auction proceeds


We will continue to innovate and develop new solutions and design tools for our customers to advance the proliferation of haptics. During the quarter, we continued to see our technology adopted in the mobile gaming market by Hero Interactive,

we will continue to innovate and develop new solutions and design tools for our customers to advance the proliferation of haptics during the quarter we continued to see our technology adopted in the mobile gaming market by hero interactive


those were 2 names that we had been watching for a while. There are still some uses and tenants out there that we're keeping a closer eye on. But the magnitude of last year's bankruptcies are certainly smaller as we look into this year.

those were 2 names that we had been watching for a while there are still some uses and tenants out there that we're keeping a closer eye on but the magnitude of last year's bankruptcies are certainly smaller as we look into this year


This additional detail may be onetime in nature, and we may or may not provide an update in the future on these metrics. Please refer to our filings with the SEC to understand how we calculate our metrics. With that, I'd like to turn the call over to Evan.

this additional detail may be onetime in nature and we may or may not provide an update in the future on these metrics please refer to our filings with the sec to understand how we calculate our metrics with that i'd like to turn the call over to tevin


So it's a good question. We looked at that yesterday and it's a hard path for sure. But the question is do we really -- is that really -- even though we provided the guidance and we don't like backing off of guidance, as I just talked about previously,

so it's a good question we looked at that yesterday and it's a hard path for sure but the question is do we really -- is that really -- even though we provided the guidance and we don't like backing off of guidance as i just talked about previously


we took certain actions to address our internal lead flows that we believe will help drive a reacceleration next year, and we are pleased to see positive signs of this working this quarter with double-digit bookings growth and solid double-digit new logo growth.

we took certain actions to address our internal lead flows that we believe will help drive a reacceleration next year and we are pleased to see positive signs of this working this quarter with double-digit bookings growth and solid double-digit new logo growth


of the renewed momentum within our sales force following fiscal 2017. We were also pleased to see our new logo strategy continue to show results with double-digit new client growth this quarter and nearly double-digit growth for the full year.

of the renewed momentum within our sales force following fiscal 2017 we were also pleased to see our new logo strategy continue to show results with double-digit new client growth this quarter and nearly double-digit growth for the full year


We launched the Visa Ready program for business solutions. This is a strategic framework and certification program to help technology companies that integrate with our B2B payment services to ensure that they meet standards and are market ready.

we launched the visa ready program for business solutions this is a strategic framework and certification program to help technology companies that integrate with our b2b payment services to ensure that they meet standards and are market-ready


During the fourth quarter of 2018, the company reviewed its collection experience for technical and professional cases and determined that the original estimate of revenue was higher than the company's actual cash collection experience.

during the fourth quarter of 2018 the company reviewed its collection experience for technical and professional cases and determined that the original estimate of revenue was higher than the company's actual cash collection experience


I characterize the plan as evolutionary rather than revolutionary. Something that would occur organically over time, and wouldn't be executed on a speculative basis.

i characterize the plan as evolutionary rather than revolutionary something that would occur organically over time and wouldn't be executed on a speculative basis


Currency in circulation is stabilizing as remonetization comes to an end. The transition to the digital economy has been broad based across several categories, including everyday spend and suggests wide societal participation.

currency in circulation is stabilizing as remonetization comes to an end the transition to the digital economy has been broad-based across several categories including everyday spend and suggests wide societal participation


This increase was due primarily to higher investment in technology and product development, including our next-generation liquid-cooled stack technology as well as the increased investments related to our commercial efforts in China.

this increase was due primarily to higher investment in technology and product development including our next-generation liquid-cooled stack technology as well as increased investments related to our commercial efforts in china


is the rest of the difference between where you were in '16 and where you want to be in '17, adjusting for higher profits and things effectively working capital? Or is there anything else in there? There's no swing in tax paid or anything like that?

is the rest of the difference between where you were in '16 and where you want to be in '17 adjusting for higher profits and things effectively working capital or is there anything else in there there's no swing in tax paid or anything like that


The ability to use the strong relationships that we have with our customers, in particular through the Possibilities Membership scheme and our ability to further improve the efficiency of the Saga model, gives us a great deal more flexibility and functionality.

the ability to use the strong relationships that we have with our customers in particular through the possibilities membership scheme and our ability to further improve the efficiency of the saga model gives us a great deal more flexibility and functionality


requirements from our customers. And so yes, I believe you will see it as a percentage of mix of services go down, and therefore, as a percentage of mix of total revenues go down. All the while, we're actually getting better at doing it.

requirements from our customers and so yes i believe you will see it as a percentage of mix of services go down and therefore as a percentage of mix of total revenues go down all the while we're actually getting better at doing it


We have analyzed all opportunities and relevant costs and have prioritized the investments based on our capabilities, the size of the price as well as the expected returns in growth and margin.

we have analyzed all opportunities and relevant costs and have prioritized the investments based on our capabilities the size of the price as well as the expected returns in growth and margin


a little bit. But we never had really an official target. The decision on what to do with the distribution is something that's made by the board on a quarter-by-quarter basis.

a little bit but we've never had really an official target the decision on what to do with the distribution is something that's made by the board on a quarter-by-quarter basis


I think last year, and for this, you gave us some figures in terms of what the drag from energy was over a certain period. I can't remember what it was. I just wondered, can you give us sort of an equivalent number in the first half what the drag from energy was in

i think last year you gave us some figures in terms of what the drag from energy was over a certain period i can't remember what it was i just wonder can you give us an equivalent number in the first half what the drag from energy was in cnn


we are -- which is now currently in the field and being used. We've gotten a second project to develop a pre-production prototype, which is under development right now and will be delivered early next year.

we are -- which is now currently in the field and being used we've gotten a second project to develop a pre-production prototype which is under development right now and will be delivered early next year


Existing products offer their value. It's all a matter of management, how do you make the adjustment, because you cannot always have new products.

existing products offer their value it's all a matter of management how do you make the adjustment because you cannot always have new products


After 3 extraordinarily difficult years, it feels to us that the market is nearing an inflection point. Oil inventories are rapidly approaching normal levels, pushing oil prices up and facilitating the return, in our view, of a geopolitical risk premium.

after 3 extraordinarily difficult years it feels to us that the market is nearing an inflection point oil inventories are rapidly approaching normal levels pushing oil prices up and facilitating the return in our view of a geopolitical risk premium


Well, I certainly think they're probably evaluating a lot of things, Mark, on a -- certainly, in the processed food area about what they need to do. What we do see is that we see a lot of what

well i certainly think they're probably evaluating a lot of things mark on the -- certainly in the process food area about what they need to do what we do see is that we see a lot of what


Having said this, you should expect the fourth quarter to be in a similar range as this past quarter and then bump up in 2018. Looking at the individual line items. Salaries and employee benefits increased from Q2 due to a couple of new hires,

having said this you should expect the fourth quarter to be in a similar range as this past quarter and then bump up in 2018 looking at the individual line items salaries and employee benefits increased from q2 due to a couple of new hires


and branch consolidations. And over the last 2 years, we've consolidated a total of 45 branches and increased our average deposits per branch along the way. So we're encouraged by the positive revenue trends in the last year.

and branch consolidations and over the last 2 years we've consolidated a total of 45 branches and increased our average deposits per branch along the way so we're encouraged by the positive revenue trends in the last year


These research outcomes have resulted in full re-profiling of the CapEx program that Lawrence highlighted in his section, and the identification of a range of opportunities that will serve to reposition our centers effectively.

these research outcomes have resulted in the full reprofiling of the capex program that lawrence highlighted in his section and the identification of a range of opportunities that will serve to reposition our centers effectively


I'd like to start by discussing the group's third quarter results and then provide some more commentary on our 2 geographic reporting segments. I'll follow that with some color on cash flows, the balance sheet, and as usual, finish with a few comments on returns.

i'd like to start by discussing the group's third quarter results and then provide some more commentary on our 2 geographic reporting segments i'll follow that with some color on cash flows the balance sheet and as usual finish with a few comments on returns


The first one, an opportunity that we had originally expected to be a revenue opportunity is actually being realized as a counter expense and was implemented a couple of months later than originally anticipated.

the first one an opportunity that we had originally expected to be a revenue opportunity is actually being realized as a contra expense and was implemented a couple months later than originally anticipated


the substantial strong relative performance? And if you could touch specifically on the Americas. To your point, you were facing a really difficult comp last year. In a difficult market environment, you still realized positive growth. So I thought that was surprising.

the substantial strong relative performance and if you could touch specifically on the americas to your point you were facing a really difficult comp last year and a difficult market environment you still realized positive growth so i thought that was surprising


I will begin with an overview of AECOM's results and discuss the trends across our diverse business. Then, Troy will review our financial performance in greater detail. Steve will conclude with financial guidance before turning the call over for a question-and-answer session.

i will begin with an overview of acom's results and discuss the trends across our diverse business then troy will review our financial performance in greater detail steve will conclude with financial guidance before turning the call over for a question-and-answer session


We've reduced layers, aligned more closely around our clients, created more business representation on our executive committee. I'm confident that these actions will enable us to serve our clients more effectively and holistically, but this is a work in progress.

we've reduced layers aligned more closely around our clients created more business representation on our executive committee i'm confident that these actions will enable us to serve our clients more effectively and holistically but this is a work in progress


we likewise aren't losing money when oil is down at -- in the 40s and 50s. And so we -- but obviously, everyone is concerned about the energy market now. But

we likewise aren't losing money when oil is down at -- in the 40s and 50s and so we -- but obviously everyone is concerned about the energy market now but


So to conclude my prepared remarks before I turn the call over to Lee, fourth quarter and fiscal year 2019 results demonstrate the strength of our financial model and the positive evolution of our business.

so to conclude my prepared remarks before i turn the call over to lee fourth quarter and fiscal year 2019 results demonstrate the strength of our financial model and the positive evolution of our business


We intend that such forward-looking statements be subject to the safe harbor provided by the Private Securities Litigation Reform Act of 1995. The forward-looking information is based upon current information and expectations regarding TASER International.

we intend that such forward-looking statements be subject to the safe harbor provided by the private securities litigation reform act of 1995 the forward-looking information is based upon current information and expectations regarding taser international


Typically, improvements such as these would not be expected to reach significance until after a longer period of time. Please note, these data are now included within our current corporate presentation, which is posted on our website.

typically improvements such as these would not be expected to reach significance until after a longer period of time please note these data are now included within our current corporate presentation which is posted on our website


Okay. And the, I guess, some of the power plants it looks like you're going to be building over the next 5 years, do those need some kind of approval before you start construction or do you just build them and get recovery later on? Or how does that -- how should we think about that?

okay and the -- i guess some of the power plants looks like you're going to be building over the next 5 years do those need some kind of approval before you start construction or do you just build them and then get recovery later on or how does that -- how should we think about that


cloud. It's also the services that we've kind of wrapped around our cloud offering. Probably the -- one of the most visible ones is kind of this cloud consulting role, where we can go in and help a customer assess those workloads.

it's also the services that we've kind of wrapped around our cloud offering one of the most visible ones is kind of this cloud consulting role where we can go in and help a customer assess those workloads


The breakthrough EDS technology enables a diagnostic tracer element to be absorbed and chemically bonded to the durable proppant-sized particles that accompany the frac sand. EDS has rapidly become the preferred method for monitoring completion success

the breakthrough eds technology enables the diagnostic tracer element to be absorbed and chemically bonded to the durable proppant-sized particles that accompany the frac sand eds has rapidly become the preferred method for monitoring completion success


so we can remain on schedule for filing the accelerated approval application with FDA. I am pleased with the approval and hope to be able to announce completion of this in the near future.

so we can remain on schedule for filing the accelerated approval application with fda i am pleased with the approval and hope to be able to announce completion of this in the near future


We have a very long well-established and successful partnership with SABIC, and this is something that, in our broader business dealings, both parties wanted to do. And we saw that this was a

we have a very long well-established and successful partnership with sabic and this is something that in our broader business dealings both parties wanted to do and we saw that this was a


and where we're going with the business. Two or 3 years ago, we certainly weren't generating the kind of performance in the business that would end up generating the kind of cash that we have to work with today.

and where we're going with the business two or 3 years ago we certainly weren't generating the kind of performance in the business that would end up generating the kind of cash that we have to work with today


We are continuing to expand our premium products. How these investments in the quality of our products payoff can be seen as a simple example of a new business class, which we put into our long-haul fleet over the last years.

we are continuing to expand our premium products how these investments in the quality of our products pay off can be seen as a simple example of the new business class which we put into our long-haul fleet over the last years


and understanding how stable that group was. There were some considerations how we thought about our distribution structure. And so we felt it was prudent to pull it in. So it was our plan initially. And it was our plan to pull it in,

and understanding how stable that group was there were some considerations how we thought about our distribution structure and so we felt it was prudent to pull it in so it was our plan initially and it was our plan to pull it in


We have the implementation of a Safe Harbor Strategy where we have enough invested that we can secure up to 2 gigawatts of wind and repowering up to 350 megawatts. And we'll talk about what's actually in our long-term plan when we get to that portion of it.

we have the implementation of a safe harbor strategy where we have enough invested that we can secure up to 2 gigawatts of wind and repowering up to 350 megawatts we'll talk about what's actually in our long-term plan when we get to that portion of it


These remarks are intended solely to educate investors and are not intended to serve as a basis for medical decision-making or to suggest that any products are safe and effective for any unapproved or investigational uses.

these remarks are intended solely to educate investors and are not intended to serve as the basis for medical decision-making or to suggest that any products are safe and effective for any unapproved or investigational uses


as I'm sure you're aware, the upfront software expense is really not that great. It's the implementation costs and the amount of money you have to spend on consultants and advisers to make sure you get it right because there's so much power within the system,

as i'm sure you're aware the upfront software expense is really not that great it's the implementation costs and the amount of money you have to spend on consultants and advisers to make sure you get it right because there's so much power within this system


I have also had the chance to be on the road to meet some of our analysts and investors, and I appreciate the depth from which you follow the company and understand the complexities and underlying fundamentals of our business model. To those I haven't yet met,

i have also had the chance to be on the road to meet some of our analysts and investors and i appreciate the depth in which you follow the company and understand the complexities and underlying fundamentals of our business model to those i haven't yet met


customers and unique consumption so that commercial activity and investment activity related to this chapter has been less than expected for the rest of the year, but not the financial results in terms of capacity,

customers and unique consumption so that commercial activity and investment activity related to this chapter has been less than expected for the rest of the year but not the financial results in terms of capacity


we have already seen a good dilution of fixed cost. So in payroll and services, this was very favorable in these 2 quarters already sequentially. And what we had in terms of

we have already seen a good dilution of fixed costs so in payroll and services this was very favorable in these 2 quarters already sequentially and what we had in terms of


has been very clear in terms of a high-capacity view, leveraging a continuous improvement in the operating efficiency in the constant search for innovation

it has been very clear in terms of a high capacity of deleveraging a continuous improvement in the operating efficiency and the constant search for innovation


Some are almost entirely devoted to that. Others are in a role that I would consider extraordinarily important to business development that is not pure business development. So for example, the head of the group is important, but he has a lot of other functions.

some are almost entirely devoted to that others are in a role that i would consider extraordinarily important to business development that is not pure business development so for example the head of the group is important but he has a lot of other functions


In August, as part of our company's ongoing focus to maximize shareholder value, we announced plans to sell our Technology and former Engineered Products operations. This has been a very active process over the last few months.

in august as part of our company's ongoing focus to maximize shareholder value we announced plans to sell our technology and former engineered products operations this has been a very active process over the last few months


We've strengthened our internal communications to ensure we allow a broader global organization to assist in the leadership of our chain's efforts, ensuring we are behaving as one Rotork and bring the entire organization along our chain's journey.

we've strengthened our internal communications to ensure we allow a broader global organization to assist in the leadership of our change efforts ensuring we are behaving as one rotorq and bring the entire organization along our change journey


Both of our retail and licensing partners recognize the benefit of showcasing our products through video content, and we expect to do more of this going forward, especially as our preorders often increase when we link video with a new product offering.

both our retail and licensing partners recognize the benefit of showcasing our products through video content and we expect to do more of this going forward especially as our preorders often increase when we link video with a new product offering


So that broadening of the states needs to occur for us to hit our plans but I would say that no particular state expansion is included in our anticipated guidance for 2019. As we said

so that broadening of the states needs to occur for us to hit our plans but i would say that no particular state expansion is included in our anticipated guidance for 2019 as we said


led rally is highly likely evened. So on the Robusta market, we are fairly friendly to that market, given all these technical and fundamental factors that I just mentioned to you.

lead valley is highly likely event so on the robusta market we are fairly friendly to that market given all these technical and fundamental factors that i just mentioned to you


Okay. And if you don't get it -- I mean, is there a point at which in the year where if we don't get 1 or 2 bookings, then it becomes an issue for the guide? Like at what point do you start to worry about the range?

okay and if you don't get -- i mean is there a point at which in the year where if we don't get 1 or 2 bookings that it becomes an issue for the guide like at what point do you start to worry about the range


driven primarily by expected high single to low double-digit growth for XIAFLEX. Only a small portion of the diagnosed patient population for each of the XIAFLEX indications have actually been treated.

driven primarily by expected high single to low double-digit growth for xiaflex only a small portion of the diagnosed patient population for each of the xiaflex indications have actually been treated


as we continue to hold on ramping up commercial resources prior to a potential PDUFA date for DSUVIA. We will continue to manage our cash prudently with the goal of ensuring we have adequate financial resources

as we continue to hold on ramping up commercial resources prior to a potential pdufa date for dasuvia we will continue to manage our cash prudently with the goal of ensuring we have adequate financial resources


Looking to the future, enhanced innovation delivered on decreased research and development investment is the promise of an all-platform company, and so it shall be in this coming quarter and beyond.

looking to the future enhanced innovation delivered on decreased research and development investment is the promise of an all-platform company and so it shall be in this coming quarter and beyond


Patricia and I had the opportunity to spend half a day with Hamish and his senior team last week and came away excited about the doors they will be opening for us in the rapidly expanding world of mobile virtual network operators

patricia and i had the opportunity to spend half a day with hamish and his senior team last week and came away excited about the doors they will be opening for us in the rapidly expanding world of mobile virtual network operators


Okay. Thank you, Matt. We will now open the call up to your questions. As I indicated initially in my opening remarks, we will not be providing any guidance into future periods on this call. So please keep that in mind when you're posing your question.

okay thank you matt we will now open the call up to your questions as i indicated initially in my opening remarks we will not be providing any guidance into future periods on this call so please keep that in mind when you're posing your question


The market is large and growing. 7353 has the profile patients and doctors have been waiting for, and the plan to get to approval is clear and it's now time to execute. We look forward to updating you, as we execute our plan.

the market is large and growing 7352 has the profile patients and doctors have been waiting for and the plan to get to approval is clear and it's now time to execute we look forward to updating you as we execute our plan


and that stuff would be at the best end of the pricing spectrum, because grocery-anchored is quite desirable at the moment, so lots of options for us. And in this environment, we think having multiple options for access to capital is really healthy.

and that stuff would be at the best end of the pricing spectrum because grocery-anchored is quite desirable at the moment so lots of options for us and in this environment we think having multiple options for access to capital is really healthy


Before turning the call over to Rick to run through our earnings results, I want to be clear that the performance we saw this quarter is not acceptable to myself, the senior leadership team, our board and the entire team here at Fred's.

before turning the call over to rick to run through our earnings results i want to be clear that the performance we saw this quarter is not acceptable to myself the senior leadership team our board and the entire team here at fred's


our part of the management fee attaching to the index products is. The blended rate is obviously much higher than that because today it comprises only our active products.

our part of the management fee attaching to the index products is the blended rate is obviously much higher than that because today it comprises only our active products


as we said before, primary purpose of it will be to mitigate any dilution from equity awards. So you could see that from that. And then we'll look at our stock and see if there is any opportunistic reason to do it.

as we said before primary purpose of it will be to mitigate any dilution from equity awards so you could see that from that and then we'll look at our stock and see if there's any opportunistic reason to do it


One macro event worth noting, of course, is the recent Presidential election. In the past several weeks, there has been some conversation about how the change in the administration could potentially impact the wireless sector and our business.

one macro event worth noting of course is the recent presidential election in the past several weeks there's been some conversation about how the change in the administration could potentially impact the wireless sector and our business


drive those incremental margins up. But they'll -- with any increase, it's going to recover. And also remember, we're carrying some excess resources in this period that we would expect to lever more into next period. So

drive those incremental margins up but with any increase it's going to recover and also remember we're carrying some excess resources in this period that we would expect to lever more into next period so


But in terms of adding additional CapEx, that's something we're evaluating now, but it's certainly not something that can have an impact on Q2. Just to be clear, you did, haven't -- ordered another slug that will be coming in

but in terms of adding additional capex that's something we're evaluating now but it's certainly not something that can have an impact on q2 just to be clear you did have an order for another slug that will be coming in


I will now turn the call to Seth for closing comments. Thank you, Mark. For 2017, we are excited for the opportunity to utilize our strong cash position for the acquisition and development of a new product pipeline

i will now turn the call to seth for closing comments thank you mark for 2017 we are excited for the opportunity to utilize our strong cash position for the acquisition and development of a new product pipeline


our Chief Operating Officer, who along with his team, built our retail operations. And Jim is going to give you a little more -- a little bit more information about our retail organization and how it drives value for Vistra. Jim?

our chief operating officer who along with his team built our retail operations and jim is going to give you a little more -- a little bit more information about our retail organization and how it drives value for visgra or jim


and look to mitigate costs, while pursuing options for resumption of activities at the appropriate time. Mitigation actions under consideration include pursuing means to access a small quantity of metallurgical coal remaining in the stockpile,

and look to mitigate costs while pursuing options for resumption of activities at the appropriate time mitigation actions under consideration include pursuing means to access the small quantity of metallurgical coal remaining in the stockpile


completely. We are just an integral part of a system of equipment and flow of activities. And all these interfaces have to be managed, have requirements on the design of the machinery which we supply.

completely we are just a integral -- we are part of a system of equipment and flow of activities and all these interfaces have to be managed have requirements then on the design of the machinery which we supply


Another example arises from the fact that global real estate investors are more interested than ever in Canada's major cities, particularly Montreal, Toronto and Vancouver.

another example arises from the fact that global real estate investors are more interested than ever in canada's major cities particularly montreal toronto and vancouver


As previously reported, KESHI placed their first production order with us, and we are in the full launch and build mode for this product line, and we will begin shipping the initial systems to KESHI in China during this quarter.

as previously reported keshi placed their first production order with us and we are in the full launch and build mode with this product line and we will begin shipping the initial systems to keshi in china during this quarter


We'll continue to monitor these results closely, while at the same time, we're developing a trial for smaller stores as well as a lower-cost version. And of course, we'll keep you posted on the results of those trials.

we'll continue to monitor these results closely while at the same time we're developing a trial for smaller stores as well as a lower cost version and of course we'll keep you posted on the results of those trials


Well, I go back to some earlier comments, where I think that there's not much appetite to companies to grow outside of cash flow, and so if you think that the industry, as a whole, is moving towards a model where

well i'd go back to some earlier comments where i think that there's not much appetite for companies to grow outside of cash flow and so if you think that the industry as a whole is moving towards a model where


It is also worth reiterating that we have now had 3.5 years of continuous monthly payments from Kurdistan Regional Government despite the many hardships they have faced in that time

it is also worth reiterating that we have now had 3 5 years of continuous monthly payments from kyrgyzstan regional government despite the many hardships they have faced in that time period


The positive news in Canada for the most part in that -- and for the most part, we maintained our strong customer base. What we experienced was a decline in the volume for the number of our existing customers, and in time, we would expect that to recover.

the positive news in canada for the most part in that -- and for the most part we maintained our strong customer base what we experienced was a decline in the volume from the number of our existing customers and in time we would expect that to recover


This pad-optimal design incorporates greater clearance for walking over and around wellheads on a pad and includes many other features that are being sought by customers as they remain focused on efficiency and high-quality execution.

this pad optimal design incorporates greater clearance for walking over and around wellheads on a pad and includes many of the features that are being sought by customers as they remain focused on efficiency and high-quality execution


the way the industry has been evolving on the unsecured front and what your peers have been doing. So I'm really sort of getting at, what is the role of unsecured funding in the capital structure going forward? Is it smaller? Is it larger than where it is today?

the way the industry has been evolving on the unsecured front and what your peers have been doing so i'm really sort of getting at what is the role of unsecured funding in the capital structure going forward is it smaller is it larger than where it is today


and also what will happen in the future, we do not make any forecasts about that either, but I also think that in the past that was a very important issue because that was the way we

and also what will happen in the future we don't make any forecast about that either but i also think that in the past that was a very important issue because that was the way we


year-to-date, in the first 6 months, you lost about 200,000. It looks like there's an increase happening in your consumer line loss. I was wondering if you could maybe give a little bit of color on what's going on there. Is it just the pickup in competitive intensity we've seen this year?

year-to-date in the first 6 months you lost about 200 it looks like there's an increase happening in your consumer line loss i was wondering if you could maybe give a little bit of color on what's going on there is that just the pickup in competitive intensity we've seen this year


We're, therefore, working closely with government and our industry bodies to ensure these concerns are reflected in the transition process, and we welcome the formation of a specialist international trade department.

we're therefore working closely with government and our industry bodies to ensure these concerns are reflected in the transition process and we welcome the formation of a specialist international trade department


Well, so let's talk about that because the types of customers that I'm referring to are those that are under pressure in the current market. They have significant copper access infrastructures. They carry debt. They have dividends and

well so let's talk about that because the types of customers that i'm referring to are those that are under pressure in the current market they have significant copper access infrastructures they carry debt they have dividends and


I just want to mention, as previously communicated, we have made good progress on our business initiatives, which we said we would use to offset the expected headwind. We expect to continue to do this over the remainder of the year.

i just want to mention as previously communicated we've made good progress on our business initiatives which we said we would use to offset the expected headwinds we expect to continue to do this over the remainder of the year


the nuance will probably come from the maturity of our construction lending portfolio. We don't have a real good handle on what a level set number might be, but there's nothing unusual to point to in the quarter.

the nuance will probably come from the maturity of our construction lending portfolio and we don't have a real good handle on what a level set number might be but that there's nothing unusual to point to in the quarter


The second update on the commercial front is the expansion of our portfolio of modular solutions. While we have a large number of modular customers, we have historically not proactively marketed our core RCM modular capabilities.

the second update on the commercial front is the expansion of our portfolio of modular solutions while we have a large number of modular customers we have historically not proactively marketed our core rcm modular capabilities


Actual results may differ materially from the results expressed or implied in these statements as a result of risks, uncertainties and other factors, including, but not limited to, the factors set forth in the company's filings with the Securities and Exchange Commission,

actual results may differ materially from the results expressed or implied in these statements as a result of risks uncertainties and other factors included but not limited to the factors set forth in the company's filings with the securities and exchange commission


We believe an optimal dose therapy protocol of just 3 to 4 visits that offers much faster resolution of psoriatic plaques and greater convenience to patients has the potential to dramatically increase our market share.

we believe an optimal dose therapy protocol of just 3 to 4 visits that offers much faster resolution of psoriatic plaques and greater convenience to patients has the potential to dramatically increase our market share


Operating as a public company, we believe it is very important to execute on the guidance that the company provides to the market. For the third year in a row, I am pleased to announce that we met or exceeded our guidance in all areas.

operating as a public company we believe it is very important to execute on the guidance that the company provides to the market for the third year in a row i am pleased to announce that we met or exceeded our guidance in all areas


But we're also growing within the less differentiated product lines, driving costs out and managing pricing for improved profitability. In short, the strategic course correction that we initiated last year

but we're also growing within the less differentiated product lines driving cost out and managing pricing to improve profitability in short the strategic course correction that we initiated last year


And while we believe the thyroid market offers significant room for continued growth in our business, we believe the pulmonology market represents a far larger opportunity over the long term. Let's highlight a few of these points.

and while we believe the thyroid market offers significant room for continued growth in our business we believe the pulmonology market represents a far larger opportunity over the long term let's highlight a few of these points


We will also make references to adjusted operating income and adjusted operating loss, which are not measures in accordance with GAAP. For a reconciliation of adjusted operating income and loss to operating income and loss,

we will also make references to adjusted operating income and adjusted operating loss which are not measures in accordance with gaap for a reconciliation of adjusted operating income and loss to operating income and loss


the European market overall and sort of your positioning there. I was a little bit surprised to see pricing growing in the second quarter, albeit at loss of volumes. And I just wondered if you can give us a bit of a

the european market overall and sort of your positioning there i was a little bit surprised to see pricing growing in the second quarter albeit at loss of volumes and i just wondered if you can give us a bit of a


the electronics part of ATS over the last number of years that we've talked about has been mobile and that continues to be the biggest driver. But as we talked about in the last couple of quarters, we've

the electronics part of ats over the last number of years that we've talked about has been mobile and that continues to be the biggest driver but as we talked about in the last couple of quarters we've


Your company has fully implemented all the features that are required for a successful GST rollout. We have passed on all the reduction

your company has fully implemented all the features that are required for a successful gst rollout we have passed on all the reduction


As we've stated in the past, weather can have a significant impact on our results as unusually cold, wet and wintry weather can impact outdoor construction activities and our ability to safely deliver products.

as we've stated in the past weather can have a significant impact on our results as unusually cold wet and wintry weather can impact outdoor construction activities and our ability to safely deliver product


the pace of improvement that we have had now will probably continue during the first half of this year due to the thing that we have the hedges in place, and of course, also, because of the inventory turns,

so the pace of improvement that we have had now will probably continue during the first half of this year due to the thing that we have the hedges in place and of course also because of the inventory turns


plus in view of the introduction of the automatic information exchanges of 1st of January 2018. I think that beyond that point we should see outflows due to regularization tailing off across the sector. So

plus in view of the introduction of the automatic information exchange as of 1st of january 2018 i think that beyond that point we should see outflows due to regularization tailing off across the sector so


These products are primarily used as fire-retardant fillers, engineered fillers, white pigment in plastic and rubber applications as well as for use in catalyst applications.

these products are primarily used as fire retardant fillers engineered fillers white pigment in plastic and rubber applications as well as for use in catalyst applications


more and more to -- integrating the different banners, and that's now manifesting itself from a loyalty side, could you guys help us understand a little bit more in terms of what your plans might look like beyond simply being able to earn

more and more to be integrating the different banners and that's now manifesting itself from a loyalty side could you just help us understand a little bit more in terms of what your plans might look like beyond simply being able to earn


the Alibaba e-commerce volumes going through Singapore via that relationship with SingPost. We are delighted to hear that Amazon is going to do more in Singapore going forward.

the alibaba e-commerce volumes going through -- going through singapore via that relationship with singpost we are delighted to hear that amazon is going to do more in singapore going forward


with the strongest trends in Vegas, New York, New Jersey, New England, Buffalo, L.A., Sacramento and Cleveland. Our view of supply remains generally unchanged and our watch markets are the same.

with the strongest trends in vegas new york new jersey new england buffalo l a sacramento and cleveland our view of supply remains generally unchanged and our watch markets are the same


With regard to Ross University School of Medicine, we opened the doors to its permanent home in Barbados in January. While it is still early, we're already seeing encouraging trends and inquiries from prospective students now that RUSM has a permanent home.

with regard to ross university school of medicine we opened the doors to its permanent home in barbados in january while it is still early we're already seeing encouraging trends and inquiries from prospective students now that rusm has a permanent home


which will then be batch processed. And that is what we're going to do over the next couple of weeks or months, let's say, so that we're pretty confident that we bring down the net working capital or the stock level

which will then be that process and that is what we are going to do over the next couple of weeks or months let's say so that we are pretty confident that we bring down the net working capital or the stock level


due to our unique business model. A leading market share, high barriers to entry and pricing power in each of our banking jurisdictions will generate excess capital that will be used to pay dividends and build our Wealth Management business through trust acquisitions.

due to our unique business model a leading market share high barriers to entry and pricing power in each of our banking jurisdictions will generate excess capital that will be used to pay dividends and build our wealth management business through trust acquisitions


Another large project that we can now discuss is the New York City Housing Authority or NYCHA. On April 6, NYCHA announced the commencement of work of the -- on the first phase of their energy performance contract

another large project that we can now discuss is the new york city housing authority or nycha on april 6 nycha announced the commencement of work of the -- on the first phase of their energy performance contract


more base business in some of the existing product line, but I will say that our sales reorganizations are really excited about this next generation of product. And as we are now ramping up into full production,

more base business in some of the existing product line but i will say that our sales organizations are really excited about this next generation of product and as we are now ramping up into full production


Despite the challenging comparison in revenue in the first quarter resulting from large SCBA and ballistic helmet orders a year ago, we saw strong improvements in the -- in some of the most profitable areas of our business in the quarter.

despite the challenging comparison in revenue in the first quarter resulting from large scba and ballistic helmet orders a year ago we saw strong improvements in the -- in some of the most profitable areas of our business in the quarter


because of capacity constraints. We are serving our customers in a very good way. So no complaints from our customers. We are not losing orders, but we have a very good order book, and we could have made more

because of capacity constraints we are serving our customers in a very good way so no complaints from our customers we are not losing orders but we have a very good order book and we could have made more


And again, please let me mention that Swiss Life will be hosting an Investors Day next year on the 29 of November in order to discuss our new strategic program.

and again please let me mention that swiss life will be hosting an investor's day next year on the 29th of november in order to discuss our new strategic program


Another indication of the upcoming demand in additional countries is provided by deployments of cloud network nodes, which are smaller than compute nodes and tend to precede them by months and, in some cases, years.

another indication of the upcoming demand in additional countries is provided by deployments of cloud network nodes which are smaller than compute nodes and tend to precede them by months and in some cases years


you protect your margin despite the pricing reduction, you had to accept to support your customers. But you also want to make sure you maintain your quality. And we are the market leader with Moody. Moody is a tremendous franchise in the oil and gas industries. And we want to make sure that

need to protect your margin despite the pricing reduction you had to accept to support your customers but you also want to make sure you maintain your quality and we are the market leader with moody moody is a tremendous franchise in the oil and gas industries and want to make sure that


Since joining CoreCivic in 2007, Patrick has served in a number of critical leadership roles that have provided him with meaningful company-wide knowledge and experience, while supporting and leading our efforts to grow and diversify our company.

since joining corecivic in 2007 patrick has served in a number of critical leadership roles that have provided him with meaningful company-wide knowledge and experience while supporting and leading our efforts to grow and diversify our company


Our record of operational excellence, progress penetrating high-growth industries and strong new business signings gives us confidence in our ability to grow, diversify our client base and further expand margins over time.

our record of operational excellence progress penetrating high-growth industries and strong new business signings gives us confidence in our ability to grow diversify our client base and further expand margins over time


Information about factors that may cause them to differ is contained in our SEC filings. Forward-looking statements made speak only as of today, and we undertake no obligation to update them except to the extent required by securities laws.

information about factors that may cause them to differ is contained in our sec filings forward-looking statements made speak only as of today and we undertake no obligation to update them except to the extent required by securities laws


and with additional investments in quality, efficiency and production capacity, we will continue to capitalize on these opportunities to deliver improved value-added revenue and EBITDA. We will now open the call for questions.

and with additional investments in quality efficiency and production capacity we will continue to capitalize on these opportunities to deliver improved value-added revenue and ebitda we will now open the call for questions


So can you give us a -- your thoughts on being able to structure some sort of longer-term financing and refinance the debt with either your current bank or another bank?

so can you give us a -- your thoughts on being able to structure some sort of longer-term financing and refinance the debt with either your current bank or another bank


and we believe that the market will continue to be supported in Q2. So if what I've just said confirms itself then you guys will rightly beat me up at when we have the same call in Q2 to say that we were conservative on

and we believe that the market will continue to be supportive in q2 so if what i've just said confirms itself then you guys will rightly beat me up at -- when we have the same call at q2 to say that we were conservative on


Okay. And then just last, I guess, you talked about the minimum wage increases and offsetting it through Sunrise and other initiatives, but how would you characterize the reaction in the competitive environment

okay and then just last i guess you talked about the minimum wage increases and offsetting it through sunrise and other initiatives but how would you characterize the reaction in the competitive environment


We needed to do that to open up a bunch of footprint because we're integrating DAT and another business that wasn't even one of our Big 6 integration projects into that same footprint, which is going to work really well. It fits the model perfectly.

we needed to do that to open up a bunch of footprint because we're integrating dat and another business that wasn't even one of our big 6 integration projects into that same footprint which is going to work really well it fits the model perfectly


As a founder of the firm TroyGould, Bill was a pillar of the Los Angeles legal community. I know I speak for many of the men and women of Reading. It has been a tremendous honor and privilege to serve Reading alongside Bill.

as a founder of the firm troy gould bill was a pillar of the los angeles legal community i know i speak for many of the men and women of redding it has been a tremendous honor and privilege to serve redding alongside bill


in addition to the organic growth initiatives already underway. We'll continue to seek out ways to increase returns and value for all shareholders, while assuring that the proper balance between risk and reward is considered in all decisions.

in addition to the organic growth initiatives already underway we'll continue to seek out ways to increase returns and value for all shareholders while assuring that the proper balance between risk and reward is considered in all decisions


we are pleased with progress to date. This project certainly created some logistics challenges, but thanks to outstanding cooperation and support from the city and contractor, this has been managed quite well thus far through minimal disruption to production rates experienced.

we are pleased with progress to date this project certainly created some logistics challenges but thanks to outstanding cooperation and support from the city and contractor this has been managed quite well thus far through minimal disruption to production rates experienced


I feel confident that we're working absolutely on the right things. And my comments that, again, we've got the best products and the best brand and the best people and the best customers, I think, sum up my state of mind at the moment.

i feel confident that we're working absolutely on the right things and my comments that again we've got the best products and the best brand and the best people and the best customers i think sum up my state of mind at the moment


As of today, we do not have complete insight into the total number of units we can expect in Q2. New software will face a difficult comparison to Uncharted, Doom and Overwatch from last May.

as of today we do not have complete insight into the total number of units we can expect in q2 new software will face a difficult comparison to uncharted doom and overwatch from last may


maybe looking at partnerships and building that ecosystem out more so than you would've thought a year ago or 18 months ago? Or do you feel like anything your customers are looking for, if you can't find a way to acquire it, you've got the bandwidth and the resources to develop it internally?

maybe looking at partnerships and building that ecosystem out more so than you would have thought a year ago or 18 months ago or do you feel like anything your customers are looking for if you can't find a way to acquire it you've got the bandwidth and the resources to develop it internally


And if you want to know relative levels of profitability of our business, starting with revenue is probably a good place to look. And things that we have good revenues in, we tend to have good margins in. And things that we're trying to build revenues,

and if you want to know relative levels of profitability of our business starting with revenues is probably a good place to look in things that we have good revenues in we tend to have good margins in and things that we're trying to build revenues


As we move deeper into the second quarter and expect to realize more online efficiencies, we're excited to kick off our offline marketing in earnest and accelerate our customer education efforts around Groupon's marketplace evolution and improved value proposition.

as we move deeper into the second quarter and expect to realize more online efficiencies we're excited to kick off our offline marketing in earnest and accelerate our customer education efforts around groupon's marketplace evolution and improved value proposition


Dave. Thanks, Gwen. First, some industry investment trends that are taking place. Core is encouraged that operating companies are buying into living within free cash flow and emphasizing returns on invested capital as demanded by today's investors.

thanks gwen first some industry investment trends that are taking place core is encouraged that operating companies are buying into living within free cash flow and emphasizing returns on invested capital as demanded by today's investors


It is not as if you have a permanent business, then you can intervene 3, 4 weeks or 6 months or 4 months later when there is something not working.

it is not as if you have a permanent business then you can intervene 3 4 weeks or 6 months or 4 months later when there is something not working


And then we are looking at different ways, maybe some creative ways to actually start to build out the organic sales and marketing effort a little bit. So certainly, increased trade show activities, things like that.

and then we are looking at different ways maybe some creative ways to actually start to build out the organic sales and marketing effort a little bit so certainly increase trade show activities things like that


Therefore, please allow me to make some initial remarks about how we're seeing the current environment and why we remain confident about Bladex's capacity to continue to deliver in a prolonged downturn cycle.

therefore please allow me to make some initial remarks about how we are seeing the current environment and why we remain confident about glaxosmithkline's capacity to continue to deliver in a prolonged downturn cycle


And as we think about the balance of the year, we're not really giving specific guidance, Kai, but really what I would say is as you think about the cash we generate over any year, we're going to manage that -- the investment of that cash based on return on capital.

and as we think about the balance of the year we're not really giving specific guidance kai but really what i would say is as you think about the cash we generate over any year we're going to manage that -- the investment of that cash based on return on capital


building contacts along the value chain and we've received a little bit better feedback than what you talked about in that coastal kind of Houston market, things flattening and even some slight improvement in the Houston market.

building contacts along the value chain and we received a little bit better feedback than what you talked about in that coastal kind of houston market seeing flattening and even some slight improvement in the houston market


the first half, we saw a broader challenge in our VA business, which we now expect will continue into the second half of the year. That said, our second half guidance continues to represent top and bottom line growth and significant free cash generation.

in the first half we saw a broader challenge in our va business which we now expect will continue into the second half of the year that said our second half guidance continues to represent top and bottom line growth and significant free cash generation


but obviously with the prospect of net new money and then obviously contribution to the bottom line in the next 24 months. The vast majority of these bankers joined us in Switzerland, on the Swiss platform, in Asia, and in Monaco.

but obviously with the prospect of net new money and then obviously contribution to the bottom line in the next 24 months the vast majority of these bankers joined us in switzerland on the swiss platform in asia and in monaco


So as they assess the national opportunity for each of these verticals, they have changed some locations, shut off the hiring, analyze their teams. But the items that go into this

so as they assess the national opportunity for each of these verticals they have changed some locations shut off the hiring analyze their teams but the items that go into this


that articulate the variety of benefit to the end customer and by doing inserts and onserts with their own paper invoices to give end customers the opportunity to come to the supplier's website and sign up for ARC in a couple of simple steps.

that articulate the variety of benefits to the end customer and by doing inserts and on-certs with our on-paper invoices to give end customers the opportunity to come to the supplier's website and sign up for arc in a couple of simple steps


why we're able to perform at the levels we are. Thanks to all of you on the call today for your continued support and confidence in our firm, and have a great day. This concludes today's call. Thank you for your participation. You may now disconnect.

why we're able to perform at the levels we are thanks to all of you on the call today for your continued support and confidence in our firm and have a great day this concludes today's call thank you for your participation you may now disconnect


The focus is on utilization and driving the top line revenue of this company. Reimbursement certainly is a big factor for us as well as we spent quite a bit of time on the call, but we feel like we have a good handle on all of these things heading forward

the focuses on utilization and driving the top line revenue of this company reimbursement certainly is a big factor for us as well as we spent quite a bit of time on the call but we feel like we have a good handle on all of these things heading forward


Comments made on the call today will contain forward-looking information. This information, by its nature, is subject to risks and uncertainties, and actual results may differ materially from the views expressed today.

comments made on the call today will contain forward-looking information this information by its nature is subject to risks and uncertainties and actual results may differ materially from the views expressed today


situation. And so while we had a very good demand coming in 2017, are we going to see correction in 2018? This is something that we are looking into, but we cannot be definitive. But what we can share with you,

situation and so while we had a very good demand coming in 2017 are we going to see correction in 2018 this is something that we are looking into but we cannot be definitive but what we can share with you


the investments that you made including the hiring in the fourth quarter and we look at the macro backdrop, it feels better today than a year ago. I'm just wondering in terms of when we look at your 10% loan growth guidance, is it

the investments that you made including the hiring in the fourth quarter as we look at the macro backdrop it feels better today than a year ago i'm just wondering in terms of when we look at your 10% loan growth guidance is it


We provide this critical service in steel mills, in the pipe processor's operations, in the pipe yards of oil company and distributor customers, on the rigs that run the pipe and pull the pipe and in our own network of pipe inspection yards.

we provide this critical service in steel mills in the pipe processors operations in the pipe yards of our oil company and distributor customers on the rigs that run the pipe and pull the pipe and in our own network of pipe inspection yards


those are good learning experiences for the company too. We learn a lot about, well how other people do the business even if we're the loser. I would tell you that market has been discouragingly frothy so far.

and those are good learning experiences for the company too we learn a lot about how other people do their business even if we're the loser i would tell you that market has been discouragingly froppy so far


That all leads us to the fourth phase, which is transact. Once viewing is measured comparably across all screens and platforms and the metrics are adopted by clients, then they of course move to transact on those metrics.

that all leads us to the fourth phase which is transact once viewing is measured comparably across all screens and platforms and the metrics are adopted by clients then they of course move to transact on those metrics


that the financial system is looking at the judicial system to see how this case is finally decided, how banks make out at the end, because that is really crucial

that the financial system is looking at the judicial system to see how this case is finally decided how banks make out at the end because that is really crucial


With respect to our consolidated performance during the quarter, these are the main highlights. First, we were able to maintain our NIM both due to a solid performance of our NIM and investments and our ability to cut cost of deposits,

with respect to our consolidated performance during the quarter these are the main highlights first we were able to maintain our nim both due to a solid performance of our nim investments and due to our ability to cut cost of deposits


We shed the construction side of the business where we didn't have the right scale to manage our risk and focused on the higher value engineering support and sales. As a result, the business has been a stable earnings contributed this year at significantly improved margins.

we shed the construction side of the business where we didn't have the right scale to manage our risk and focused on the higher value engineering support and sales as a result the business has been a stable earnings contributor this year at significantly improved margins


probably point number one. Point number two would be the upside potential from incentive revenue that we've had a long history of doing very, very well at. The third element would probably be

probably point number one point number two would be the upside potential from incentive revenue that we've had a long history of doing very very well at the third element would probably be


so it was more introduced as a pop-up show post holiday that we thought might have some legs and it just didn't. And as we've noted in the past, we don't expect a 100% hit rate on all new launches of shows. We'll have a fairly good hit rate,

so it was more introduced as a pop-up show post-holiday that we thought might have some legs and it just didn't and as we've noted in the past we don't expect 100% hit rate on all new launches of shows we'll have a fairly good hit rate


look, I have also been consistent in that I believe that this industry is global in nature. I believe that these are the largest companies in the world and that if you really want to be as helpful as possible to those companies, you have to be global.

look i have also been consistent in that i believe that this industry is global in nature i believe that these are the largest companies in the world and then if you really want to be as helpful as possible to those companies you have to be global


point in the market where we could bring in very large amounts of deposits. We have found that pricing point. So part of that was pricing related, some upper level tiers in our money market accounts. If somebody brings us a particularly

point in the market where we could bring in very large amounts of deposits we have found that pricing point so part of that was pricing related some upper level tiers in our money market accounts if somebody brings us a particularly


And after the analysis of the data collected from those 4 wells, we'll be further delineating our development program. But you can expect it to be a little widespread initially before we go into full-phase development.

and after the analysis of the data collected from those 4 wells we'll be further delineating our development program but you can expect it to be a little widespread initially before we go into full phase development


what we experienced in our own portfolio in Q1, we can say there was a lot of volatility. What we've observed on the markets is decline on the Polish Stock Exchange.

what we experienced in our own portfolio in q1 we can say there was a lot of volatility what we've observed on the markets is decline on the polish stock exchange


you're trying to land a company of this size at the end of the year, having some contingency in there for other unexpected items, some of which are known to us now, some of which are not known, is prudent from our perspective.

trying to land a company of this size at the end of the year having some contingency in there for other unexpected items some of which are known to us now some of which are not known is prudent from our perspective


remain encouraged by the enthusiasm of our agents, school district and association partners, and are confident we are on the right track to being the company of choice to help the nation's educators protect what they have today and prepare for a successful tomorrow.

and are encouraged by the enthusiasm of our agents school district and association partners and are confident we are on the right track to be in the company of choice to help the nation's educators protect what they have today and prepare for success tomorrow


There's some very weak and volatile natural gas prices. And so sadly our plan of delaying a lot of our capital to the fall and even shutting in some of our summer production was one we had to put into practice.

there's some very weak and volatile natural gas prices and so sadly our plan of delaying a lot of our capital to the fall and even shutting in some of our summer production was one we had to put into practice


Specifically, the expansion of our geographic reach and product portfolio has made our business more resilient. The power of our customer relationships in retail and foodservice has created advantage in the marketplace.

specifically the expansion of our geographic reach and product portfolio has made our business more resilient the power of our customer relationships in retail and food service has created advantage in the marketplace


every quarter. The bookings numbers, in particular, were well above what we were expecting. And we were calibrating every quarter to the bookings opportunities in front of us. So we ended up making so many adjustments to the annual number

every quarter the bookings numbers in particular were well above what we were expecting and we were calibrating every quarter to the bookings opportunities in front of us so we ended up making so many adjustments to the annual number


We are confident that our investments will continue to drive revenue and bookings growth and expand our addressable market over time. We will continue to calibrate our expense level relative to bookings and revenue and carefully assess the return on our spend.

we are confident that our investments will continue to drive revenue and bookings growth and expand our addressable market over time we'll continue to calibrate our expense level relative to bookings and revenue and carefully assess the return on our spend


to an operating model that will drive certain sales functions centrally. This new model will drive a sales engine on an enterprise level to support and supplement the critical account development and management activities happening in the local markets.

to an operating model that will drive certain sales functions centrally this new model will drive a sales engine on an enterprise level to support and supplement the critical account development and management activities happening in the local markets


If you take a week of our U.S. business, it's 15 million of orders. Now even if you say that we were stopped for the full week and we lost 15 million of orders, which has not happened, we were not stopped for the full week. We did not lose 15 million of orders,

if you take a week of our u s business it's 15 million of orders now even if you say that we were stopped for the full week and we lost 15 million of orders which has not happened we were not stopped for the full week we did not lose 15 million of orders


as you would expect, a very thorough multiyear process. And in that process, the board considered both internal and external candidates, and it was -- there was a very talented pool of both internal and external candidates.

as you would expect a very thorough multiyear process and in that process the board considered both internal and external candidates and it was -- there was a very talented pool of both internal and external candidates


The third and largest, cost of goods sold, will take the longest to recognized -- to be recognized and will mostly be realized by Year 3. Our current structure systems and processes are fragmented and cause confusion between us and our supply of partners.

the third and largest cost of goods sold will take the longest to recognize to be recognized and will mostly be realized by year 3 our current structure systems and processes are fragmented and cause confusion between us and our supplier partners


I know you said you're not looking at selling the entire enterprise. But why not take a look at selling these 4 plants or other specific businesses that have been chronically problematic? Yes.

i know you said you're not looking at selling the entire enterprise but why not take a look at selling these 4 plants or other specific businesses that have been chronically problematic yes


While there is a continuous increase of this -- of the volumes going through the e-commerce channel and driven by the e-commerce activities

well there is a continuous increase of these -- of the volumes going through the e-commerce channel and driven by the e-commerce activities


I should just say that Ofwat are still debating and discussing how they might want to report that on an industry-wide basis. So there is a discussion about how they will calculate it. But I think on any basis, that's going to be a strong performance however it's calculated.

i should just say that off what are still debating and discussing how they might want to report that on an industry-wide basis so there is a discussion about how they will calculate it but i think on any basis that's going to be a strong performance however it's calculated


We believe that our ability consistently generate increases in both our net investment income and net asset value per share and deliver a superior return on equity continues to illustrate the significant benefits of our unique investment strategy in the lower middle market,

we believe that our ability to consistently generate increases in both our net investment income and net asset value per share and deliver a superior return on equity continues to illustrate the significant benefits of our unique investment strategy in the lower middle market


and that it's something that is being explained in more detail by plastic surgeons in advising their patients of this level of risk prior to undertaking any surgical procedure.


The dollars are there, we know we can get them in that time period. And we're confident we can get them in that time period. But we also have done these enough times to know that some of those unintended consequences bubble up and what we're seeing this quarter is a little bit of that.

the dollars are there we know we can get them in that time period and we're confident we can get them in that time period but we also have done this enough times to know that some of those unintended consequences bubble up and what we're seeing this quarter is a little bit of that


if you were trying to look at one period, it's probably not going to change that number dramatically because of the relative size of their spend versus ours and the fact that they are pretty close in the percentages to begin with. So

if you were trying to look at one period it's probably not going to change that number dramatically because of the relative size of their spend versus ours and the fact that they're pretty close in the percentages to begin with so


During the second quarter, we proposed various health-related initiatives to our customers such as information campaigns pertaining to the implementation of Bill 41 and campaigns related to severe allergies.

during the second quarter we proposed various health-related initiatives to our customers such as information campaigns pertaining to the implementation of bill 41 and campaigns related to severe allergies


which I believe results in 2 even more focused companies that can create greater opportunities for employees and customers as well as drive additional value for shareholders. We appreciate your commitment and dedication.

which i believe results in 2 even more focused companies that can create greater opportunities for employees and customers as well as drive additional value for shareholders we appreciate your commitment and dedication


If I could have everyone turn to Slide 7, now turning specifically to the quarter. Q1 is traditionally the smallest quarter of our year, and we delivered results that were generally in line with our expectations.

if i could have everyone turn to slide 7 now turning specifically to the quarter q1 is traditionally the smallest quarter of our year and we delivered results that were generally in line with our expectations


the markets we're selling into and we look at our customers' sales and we use that as our proxy for what the market growth is and then how our sales -- based upon the mix of those markets, how our sales should be growing to match the market.

the markets we're selling into and we look at our customer sales and we use that as our proxy for what the market growth is and then how our sales based upon the mix of those markets how our sales should be growing to match the market


that refer to future events and thus involve risk. Refer to the usual disclosures. As Marty indicated, second quarter financial results for fiscal 2016 represented a continuation of the solid start we had to the year.

that refer to future events and thus involve risk refer to the usual disclosures as marnie indicated second quarter financial results for fiscal 2016 represented a continuation of the solid start we had to the year


And could you talk about the complexities of trying to decaptivate more hydrogen from the refining industry? I think that was, early on, one of the key opportunities that you envision, but it seems like it's taking a fair amount of time.

and could you talk about the complexities of trying to decaptivate more hydrogen from the refining industry i think that was early on one of the key opportunities that you envisioned but it seems like it's taking a fair amount of time


to the extent that we can't foresee a major growth. We should see what would be the feasible growth at least. So that's the basis of our forecast. And for the operating income,

to the extent that we can't foresee a major growth we should see what would be the feasible growth at least so that's the basis of our forecast and for the operating income


our strategy is starting to play out there, and the referenceability gives us more credibility when we're talking to other customers in other parts of the world. It is a very dynamic market now, as you're aware and everyone's aware, with the business climate that's out there.

our strategy is starting to play out there and the referenceability gives us more credibility when we're talking to other customers and other parts of the world it is a very dynamic market now as you're aware and everyone's aware with the business climate that's out there


as well as the benefit from MBNA. For the full year, I now expect the margin to be in line with H1 and over the longer term, in line with our previous guidance. I continue to expect NIM to be resilient through the plan period.

as well as the benefit from mb a for the full year i now expect the margin to be in line with h1 and over the longer term in line with our previous guidance i continue to expect nim to be resilient through the planned period


of that. And then as I talked about in my script, we also have very significant cost reductions planned around productivity and our digital initiatives. Our digital initiatives are one of the things that's been driving our improvement

of that and then as i talked about in my script we also have very significant cost reductions planned around productivity and our digital initiatives our digital initiatives are one of the things that's been driving our improvement


We have a very talented and experienced management team and an exceptionally dedicated global workforce. Following good governance practices, our board is conducting a review of both internal and external successor candidates.

we have a very talented and experienced management team and an exceptionally dedicated global workforce following good governance practices our board is conducting a review of both internal and external successor candidates


led to another year where our share of spend and share of market was comfortably above 100. This step-up in margin shows that we are reaping the benefits of investments made over the past few years

led to another year where our share of spend and share of market was comfortably above 100 this step-up in margin shows that we are reaping the benefits of investments made over the past few years


So whilst the quarter 3 might have been a little softer, quarter 4 is a little better, we look at it at a little bit longer time frame than you sometimes do. So what we've seen in the last quarter, and we don't even have the shares yet because they come in with a

so whilst quarter 3 might have been a little softer quarter 4 is a little better we look at it at a little bit longer time frame than you sometimes do so what we've seen in the last quarter and we don't even have the shares yet because they come in with


As part of negotiations, we have sought to address the concerns of government and appropriately allocate project benefits and returns amongst stakeholders. And while discussions have been robust, we are comfortable that we will end up with an equitable balance.

as part of negotiations we have sought to address the concerns of government and appropriately allocate project benefits and returns amongst stakeholders and while discussions have been robust we are comfortable that we will end up with an equitable balance


in a time where they were hit by the crisis. So the expectations, they underperformed. And -- but we

in a time where they were hit by the crisis so the expectations -- they underperformed and -- but we


Can you give us a little bit more color in terms of if that's growing at an organic clip sort of above or in line with what the rest of your brokerage segment is? Maybe what the profitability is? And sort of how you guys view it currently and going forward?

can you give us a little bit more color on in terms of if that's growing at an organic clip sort of above or in line with what the rest of your brokerage segment is maybe what the profitability is and sort of how you guys view it currently and going forward


was that we had a -- an impact from a change in some of the work that was to be completed by one of the CROs. Again, that just comes back to gaining greater clarity and understanding of what absolutely needs to be done, who's doing it, and how much it's going to cost.

was that we had an impact from a change in some of the work that was to be completed by one of the cros again that just comes back to gaining greater clarity and understanding of what absolutely needs to be done who's doing it and how much it's going to cost